NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS l NOTE 9
2013
Rm
2012
Rm
9.
Vehicles for hire
Cost
3 130
2 995
Accumulated depreciation and impairment
665
674
2 465
2 321
Net book value at beginning of year
2 321
2 057
Net (disposal) acquisition of subsidiaries and businesses
(35)
50
Additions
2 662
2 472
Proceeds on disposal
(1 746)
(1 615)
Depreciation
(673)
(646)
(Loss) profit on disposal
(7)
3
Reclassification to assets classified as held for sale
(54)
Reclassifications
(3)
Net book value at end of year
2 465
2 321
Depreciation is calculated on a straight-line basis to write off the cost of each component of the vehicle to its residual value over its
estimated useful life between 2 to 5 years.
Certain vehicles for hire have been encumbered as security for interest-bearing borrowings amounting to R48 million (2012: R69 million),
(refer to note 23).
